PhronimosAug 22, 20214 minHouses prices, rents and 'transitory' inflation The market has caught up with our misgivings about inflation in recent months (and then some), and recent inflation readings have...
PhronimosApr 27, 20215 minthe 1940’s called – it wants its policy settings backLong term bond yields rose sharply in the first quarter, reflecting either expectations for faster economic growth, higher inflation, or...
PhronimosApr 17, 20217 minconcentration or leverage, but not bothDuring the March quarter we sold our remaining holdings of Discovery, prior to the sudden collapse in the share price in late March. We...
PhronimosJan 8, 20215 minpaying up for cheap beer in HanoiAbout fifteen years ago my wife-to-be and I enjoyed a street-side beer in Hanoi that cost us 20 cents. A minor scooter mishap might have...
PhronimosJan 8, 20216 minthe rising costs of cheap passive investingIt is undoubtedly true that for most investors investing via low-cost index funds is the best option to maximize long-term returns after...
PhronimosOct 21, 202011 minrequiem for a jumbo jetIn the third quarter it was reported that Boeing will cease production of the iconic 747 ‘Jumbo Jet’ after the last few orders come off...
PhronimosJul 31, 20205 minthe name is awful, but there is some sparkle to StellantisPeugeot reported an 85% decline in first half operating profit to EUR 482m. Net income fell 68% to EUR 595m. This is an incredible...
PhronimosJul 16, 20205 mintime to factor geopolitics into investment thinkingIn his book from 2013, The China Choice, professor Hugh White wrote: Even a relatively minor conflict between America and China would...
PhronimosApr 13, 20203 minavoiding contagion and myopic loss aversionThe danger of Coronavirus contagion is very serious, but there is a different kind of highly contagious pathogen that can be very...
PhronimosApr 13, 20206 minfuture vision: EssilorLuxxoticaMarch 2020 was one of the most volatile months in the history of the stock market. The S&P500's decline of 12% on Monday the 16th of...
PhronimosJan 17, 20204 minbeing idle with confidenceIn very simple terms our goal at Phronimos is to acquire shares in either 1) outstanding businesses at a reasonable price, or 2) in...
PhronimosNov 15, 20195 minmighty mouseThe Disney + streaming service achieved 10m subs within just days of launch, far exceeding the expectations of analysts. Disney had...
PhronimosSep 13, 20194 minthe era of passive dominance begins The US stock market just crossed a major threshold. For the first time in history the assets in passive mutual funds and exchange-traded...
PhronimosJul 30, 20197 minpresents for the grandkids, Christmas 2050: an explanationSome notes so that their parents can try and explain what the heck Grandpa was thinking... If I told you there was a bank that was...
PhronimosJul 2, 20197 minthe inflation tapeworm and through the looking glassInterest rates are at historic lows across most of the developed world. Even the US Fed Funds rate of 2.25% - 2.50% is remarkably low...
PhronimosJun 13, 201922 minBayer beware: what are we missing?Bayer's share price has been monkey-hammered from a high of EUR 116 two years ago to EUR 53. Depending on the size of the ultimate...